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Betting odds explained: How they work and how to read them

Betting odds explained: How they work and how to read them

If you have ever bet on sports, or heard about sports betting, you must be familiar with betting odds.

Betting odds ultimately determine how much more you can make from a successful wager. These odds are labeled with “–” and “+” odds, which often showcase the favorite and underdog in a game or match.

Betting odds can also tell a story. Once you learn to read and understand odds, you will have a better chance to predict a change coming through point spreads, totals, and more.

DRF Sportsbook odds are the main component to pay attention to, since they determine the size of your potential payout.

Below, I’ll dive into things like -106 and what +120 means.

How to read betting odds

As for reading betting odds, I’ll start with a simple moneyline wager to keep this simple. To recap from our moneyline betting guide, a moneyline wager is simply picking which team will win.

Example

Here’s the scenario: The Eagles are hosting the Steelers, and we’ll be betting through the lens of winning $100 or betting $100.

  • The Eagles are -135. With “-” odds, the number associated is what you must wager to win $100.
    • So, if you bet $135 on the Eagles and they win, you’d get $100.
  • The Steelers are +110. With “+” odds, the number associated is how much you’ll win with a successful $100 wager.
    • If you bet $100 on the Steelers and they beat the Eagles, you’d win $110.

That’s the best way to read odds: The number associated with “-” odds is how much you need to wager to win $100, whereas the number associated with “+” odds is how much you win with a successful $100 wager.

Betting odds by sport

You’ll find sports betting odds across all sports, including the NBA, NFL, UFC, MLB, and more, no matter which Pennsylvania sportsbooks you play at.

While these odds are more or less the same across the sports, I want to use some examples below so you’ll have no questions regarding how betting odds are explained and displayed.

NBA betting odds

Many markets for PA sports betting are available for the NBA, but the three most common are point spreads, moneyline, and totals.

Let’s use some examples for each of those using the Philadelphia 76ers:

NBA moneyline

The 76ers are -125 on the moneyline, indicating they’re favored. A $125 bet will pay $100.

NBA point spread

As the favored team, the 76ers are -3 on the point spread and -110 on the odds. With point spread wagers, the odds will almost always be at or around -110, since this is the standard line for wagers where the goal is to make the teams as equal as possible.

Here, you’ll need to wager $110 to win $100, and the goal of the wager is for the 76ers to not only win the game but to do so by more than three points. If they win by exactly three points, the bet is considered a tie (also known as a push), and you’ll receive your initial wager back.

NBA totals

The 76ers are playing the Miami Heat, and the total is 212.5. The over is -112, and the under is -108. Based on the odds, the over is the slight favorite. With “-” odds, the more significant number indicates the more favored team/outcome. If you were to bet the over, you’d need to wager $112 to win $100, and the combined score must exceed 213 points.

You’ll also notice an add “0.5” to the 212. The added 0.5 points is referred to as the “hook” and shows there’s no possibility for a push. You will either win or lose this wager.

UFC betting odds

The UFC has some similar betting markets to the NFL and NBA. But there are others that are unique to the sport.The two most popular markets are the moneyline and total rounds.

UFC moneyline

“Suga” Sean O’Malley is +110 to win. A $100 wager would pay $110. He’s the underdog.

UFC total rounds

In the UFC, non-title fights are 3 rounds, and title fights are 5 rounds. This can influence the total rounds line. For this example, let’s say O’Malley is in a title fight.

The total rounds could be 3.5 in this case, but the over and under odds could vary massively. The over could be +120 and the under at -140. This demonstrates that the fight going beyond three rounds is less likely.

NHL betting odds

NHL betting odds are similar to baseball’s. They have a unique point spread that stays at 1.5, which is known as the puck line. Like baseball, the odds on the puck line can vary based on the teams playing.

NHL moneyline

The Flyers are +110. Betting $100 and winning nets $110.

NHL puck line

The Flyers are slight underdogs but still managed to get +1.5 goals on the puck line.

Because they were only slight underdogs on the moneyline, the puck line odds here are -170, indicating that the sportsbook thinks the Flyers will lose, but only by one goal. If the final score was 4-3 with the Flyers losing, the wager results in a win. A $170 wager is required for a $100 win.

NHL totals

The Flyers and Penguins are playing, and the total is 6.5 goals. Like baseball and other totals wagers, the odds are almost always at or around -110.

Who makes betting odds?

Odds are posted by the online bookmaker by using internal oddsmakers and algorithms. These help initially provide insight into how one team will perform against one another.

What makes betting odds change?

  • There could be critical injuries that result in the sportsbook altering odds accordingly.
  • The odds are released, and most bettors wager on one side, forcing the sportsbook to alter odds to make it a more balanced pool of money that’s bet.
  • Public influence also plays a factor. For example, suppose the media is hyping up a particular player as an MVP candidate. In that case, the sportsbook may alter the odds slightly to combat potential incoming wagers from players who received information from said personality.

Overall, numerous external factors can alter the odds once they’re released to the public.

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